Interest rate changes

Following a review of our interest rates and in light of the RBA’s recent decision to reduce rates, we will decrease selected fixed home loan rates, savings accounts and term deposit product rates effective from 1 December 2020.

As a customer owned bank we are committed to providing you with a fair deal to deliver the best outcome for our customers. This change will ensure interest rates across our home loan products continue to remain favourable compared to the wider market.

An overview of the interest rate reductions is below:

Term Deposits:

  • 0.10% p.a. reduction on our Term Deposits

Savings Accounts:

  • 0.10% p.a. reduction on selected Savings Accounts

Fixed Home Loans:

  • 0.10% p.a. reduction on our Premier Package Home Loan and Complete Home Loan (1 or 2 years)
  • 0.15% p.a. reduction on our Premier Package Home Loan and Complete Home Loan (4 or 5 years)

Older Home Loans (no longer on offer):

  • 0.05% p.a. reduction on selected older Home Loans

A full list of our current interest rates is available below:

General Banking

Interest rates

For our Transaction, Savings, and Term Deposit Accounts.

View now
Our product range

Interest rates

For our Home Loans, Car Loans, Personal Loans and Credit Cards.

View now

Frequently Asked Questions

  • Why has Snow Star Credit Union decreased lending rates?

    We continuously monitor our interest rates to ensure they remain competitive in the market, to offer a fair deal to customers across home loan products of borrowers are met. 

    This change will ensure interest rates continue to remain favourable compared to the major banks, so that our borrowers can pay off their loans sooner. 

    The decision to reduce interest rates means we can continue to offer a fair deal across home loan products. 

    We will continue to monitor rates to ensure they remain competitive.

  • What influence does the RBA cash rate have on Snow Star Credit Union interest rates?

    We continuously monitor our interest rates to ensure they remain competitive and while we take the cash rate and RBA changes into account, we also look to the wider market to ensure our loan and deposit rates offer a fair deal to customers.

    The RBA cash rate is just one of the factors that drive Snow Star Credit Union’s cost of funds, hence movements, both up and down, will not always be exactly the same as the movement in the cash rate. This is also why movements have happened and may continue to happen outside of any change by the RBA.

  • Will my loan repayments reduce when the change takes effect?

    As a customer owned bank, we are committed to responsible lending and helping our customers pay off their loans as quick as possible. 

    If you are already repaying more than the minimum repayment, your repayments will not change to reflect the lower rate; instead the additional funds will pay off more of the principal. However, if you would like to change your repayments, please let us know.

    If you are currently repaying the minimum repayment, this will reduce unless the change is less than $15 per payment. Any additional funds paid into the loan will reduce the term, helping you pay the loan off quicker. If you would like to change your repayment, please let us know.

    Your new interest rate and repayment amount will be available in Internet Banking on 1 December 2020. You will also receive notification in your account statement.